Employees Retirement System of Texas Buys 6,381 Shares of Cloudflare, Inc. (NYSE:NET)

Employees Retirement System of Texas lifted its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 14.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,087 shares of the company's stock after buying an additional 6,381 shares during the quarter. Employees Retirement System of Texas' holdings in Cloudflare were worth $5,609,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NET. Jefferies Financial Group Inc. bought a new position in shares of Cloudflare in the fourth quarter worth approximately $273,000. Challenger Wealth Management purchased a new stake in Cloudflare during the fourth quarter valued at approximately $248,000. Putney Financial Group LLC bought a new position in Cloudflare in the 4th quarter worth $664,000. Mackenzie Financial Corp increased its position in Cloudflare by 2.5% in the fourth quarter. Mackenzie Financial Corp now owns 14,641 shares of the company's stock worth $1,577,000 after buying an additional 357 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in Cloudflare by 7.0% in the 4th quarter. Toronto Dominion Bank now owns 39,763 shares of the company's stock worth $4,282,000 after acquiring an additional 2,605 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total value of $6,145,690.88. Following the completion of the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $48,501,613.16. This represents a 11.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the transaction, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 501,085 shares of company stock valued at $65,312,967 in the last three months. Company insiders own 12.83% of the company's stock.

Cloudflare Trading Up 1.2%

Shares of NYSE NET traded up $2.05 during midday trading on Friday, hitting $166.21. The company's stock had a trading volume of 3,894,099 shares, compared to its average volume of 3,143,467. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $57.61 billion, a P/E ratio of -755.50 and a beta of 1.78. The business's 50 day moving average is $126.70 and its two-hundred day moving average is $124.52.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business's revenue was up 26.5% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Susquehanna reduced their price objective on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. JMP Securities upped their price target on Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Cantor Fitzgerald boosted their target price on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Finally, Oppenheimer raised their target price on shares of Cloudflare from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cloudflare has an average rating of "Hold" and a consensus price target of $141.79.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.